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ENDSARS

#EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

FG has set up a N25 billion Youth Fund to address the concerns arising from the #EndSARS protests and other matters.

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FG inaugurates steering committee on Covid-19 economic recovery, #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years, taxes, tax, IMF, business, FAAC disbursed N617billions in April, as South-South scoop N72billions, VAT, Finance Minister, Zainab Ahmed says Nigeria VAT collection rate is low, NBC, Rite Foods, others to pay new tax as FG identifies new revenue streams ,,Finance Minister reveals how World Bank, AfDB pushed FG into requesting Chinese loan 

The Federal Government has created a N25 billion Youth Fund to address the #EndSARS protests and other related youth restiveness in Nigeria.

This was disclosed by the Minister of Finance, Zainab Ahmed, on Saturday, at a stakeholder meeting with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna, according to Punch.

READ: N1.5trillion accumulated losses of NNPC, a serious going-concern risk – PWC, SIAO Partners

The meeting is in compliance with President Muhammadu Buhari’s directive to ministers and governors to dialogue with stakeholders following the #EndSARS protests.

The minister explained that the fund would be increased to N75 billion within a period of three years.

READ: #EndSARS: IMF Links protests to economic difficulties

Objective of the fund

According to her, the aim was to support youths to actualise their innovative and entrepreneurial ideas in growing their businesses and becoming self-reliant.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

What you need to know: On October 15, 2020, Nairametrics reported that the Federal Ministry of Youth and Sports Development, flagged off the application for a N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

READ: How to access new N75 billion Nigerian Youth Investment Fund

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

8 Comments

8 Comments

  1. jim smar

    October 25, 2020 at 8:29 am

    you people should forget about the worthless 25billion all what we need now is a constant flow of eletricity and not peanut money. why did you marauders to set aside this money prior to the the protest? why now?

  2. Phil

    October 25, 2020 at 11:21 am

    These out of touch, sorry excuses for “leaders” are still clueless as to what the country needs. What is an additional N25bn fund when it will be mismanaged by a bunch of thieves in government??? Why not concentrate of creating actual JOBS instead of funds for self-employment? Not everybody can start and run a successful business… to contrary, businesses fails all the time regardless of the funds you provide, even assuming the funds successfully reach the people that actually need it. Create jobs by attracting majot companies to Nigeria, by creating a friendly environment for them to operate. Give them incentives, tax breaks, residency, cut the red tape and bureaucracy, entice them and give them offers they cannot refuse, and then in exchange you can mandate that they employ Nigerians while they are here. Improve education and create jobs, not funds that will never even reach the masses that truly need it.

  3. Olaoluwa kareem

    October 25, 2020 at 2:56 pm

    Disbursement of the said fund is not different from the previous ones which will still end up in private pockets of few individuals, just make the environment conducive for business to thrive by reducing cost of governance, eliminate multiple taxation and curbs corruption to the nearest minimum and also provide constant power supply.

  4. Biggsejj

    October 25, 2020 at 11:53 pm

    “My people perish for lack of vision.” This lack of vision and direction by leaders has led this nation into total darkness, redundancy and stagnation, yet their solution to every challenge is still myopic and idiotic.
    Another avenue to steal. The covid 19 palliative is being rooted out of hidden warehouses instead of being distributed to the common man dying of hunger and poverty. May the wrath of God visit them and their stealing strategy.

    • Anonymous

      October 26, 2020 at 12:42 pm

      Amen

  5. Lucky

    October 26, 2020 at 7:53 pm

    So the federal government has this money before.My question is why is it after the protest they are giving it out?

  6. Adisa ojo

    October 27, 2020 at 1:55 pm

    The point is people are sovereign too much,if federal government can make sure the money reach masses that would be a better one but our leaders only love themselves. Even me,I apply for several times all was zero, and how much am I asking for 10m to grow my barbing business. I will try this too I hope it happen. ALLAH help US

  7. Mujitabba Ahmed maibargo

    October 28, 2020 at 5:10 pm

    How should I register?

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Business

ICPC Chairman reveals #EndSARS protests was financed with cryptocurrency

ICPC Chairman has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

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School feeding, ICPC, FIRS moves to stop tax evasion with newly launched intelligence system 

The Chairman of Independent Corrupt Practices and Other Related Commission (ICPC), Bolaji Owasanoye has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

This is as he said there are strong indications that it could be used to fund Insurgency in the country.

According to a report from Vanguard, this disclosure was made by the ICPC Chairman, during an interactive session with Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market led by Senator Uba Sani on Tuesday, February 23, 2021.

READ: ICPC uncovers N9.8 billion Government money hidden in Aso Savings

The Joint committee was mandated to look at the decision of the Central Bank of Nigeria (CBN) to ban Cryptocurrency in Nigeria.

The ICPC boss while supporting the position of the CBN, said that the nature of operations of Cryptocurrency exposes it to money laundering and terrorism financing.

Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that the agency averted a $3million fraud linked to 20 bank accounts.

READ: ICPC moves against NDDC top management over corruption allegations, quizzes directors

Owasanoye further explained that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.

He brought the attention of the Senate to a period in 2018 when a number of globally rated financial institutions said their financial statements had been hacked with the perpetrators asking to be paid in Cryptocurrencies.

ICPC Chairman noted that the CBN as a regulator has the responsibility to ensure sound financial stability and it will be difficult to achieve in the case of Cryptocurrencies where the players are anonymous.

While sharing the experience of the Indian Supreme Court and how it ruled and admitted that it does not know what it is, he urged the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies.

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

What you should know

  • It can be recalled that the CBN had directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The apex bank warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The latest directive is coming after the CBN had in 2018 stated that cryptocurrencies are not legal tender and as such are illegal.

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ENDSARS

#OccupyLekkiTollGate: Lagos Attorney-General explains large police presence at Lekki toll gate

Lagos Attorney-General has stated that the State does not support the abuse of peaceful protesters.

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The Lagos State Attorney-General, Moyosore Onigbanjo says that the reason for large numbers of policemen at the Lekki toll gate during Saturday’s protest was to prevent the protest from getting hijacked by hoodlums.

The Attorney-General of the State disclosed this in an interview with Channels TV on Sunday evening.

“Our duty is to face the dictate of the law.

“The state does not derive any joy from seeing people brutalized, but we must ensure that we have a society where law and order prevails and where everyone is free and secure to go about their businesses.

“Your right to protests only extends to where the other person’s freedom of association starts,” Onigbanjo said.

READ: #EndSARS: Sanwo-Olu presents Buhari report on Lagos destruction by hoodlums

He added that the State Government wanted to prevent any problems during the protests, citing Covid-19 regulations preventing the mass gathering of people and hoodlums hijacking the protests.

“I believe that was the desire of the state government yesterday that people can protests, but think about the Covid-19 regulations, the existing laws.

“We cannot afford the sort of vandalism we saw before, the state was genuinely apprehensive that hoodlums might take over a peaceful protest, we have seen this before. And that was why the police came out in large numbers that this did not degenerate the last time,” he added.

READ: #EndSARS: Freezing of accounts may trigger further protests – Tunde Bakare

What you should know 

Nairametrics reported over the weekend that Officers of the Nigerian Police Force arrested #OccupyLekkiTollGate protesters at the Lekki toll gate on Saturday morning.

This was confirmed by multiple media images and videos on social media, showing the protesters being arrested and loaded inside police trucks and van, popularly known as Black Maria.

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